Entrepreneurship Challenges & Solutions

This assignment delves into the multifaceted world of entrepreneurship, examining the numerous challenges faced by individuals venturing into new business ventures. It covers a wide range of obstacles, including securing funding, navigating legal complexities, establishing market presence, managing operations, and adapting to dynamic market conditions. The assignment also explores potential solutions and strategies that entrepreneurs can employ to overcome these hurdles and achieve sustainable growth.

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Entrepreneurship and Small Business Management
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ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
Contents
Task 1:..........................................................................................................................................................3
LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial............3
P1: Carry out a mini research to examine various kinds of entrepreneurial ventures and explain how
they relate to the typology of entrepreneurship.....................................................................................3
P2: As part of your research investigation, explore the similarities and differences between
entrepreneurial ventures.........................................................................................................................6
Task 2:..........................................................................................................................................................9
LO 2: Assess the impact of small businesses on the economy.....................................................................9
P3: Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro and
small businesses impact on the economy................................................................................................9
P4: Explain how important small businesses and business start –ups will contribute to the growth of
the social economy after ‘Brexit.'..........................................................................................................11
Task 3.........................................................................................................................................................13
LO 3 Determine and assess the key aspects of an entrepreneurial mind-set........................................13
P5 Characteristics, traits, and skills of two successful entrepreneurs....................................................13
P6 Aspects of the entrepreneurial personality, reflect entrepreneurial motivation and mindset.........15
Task 4.........................................................................................................................................................16
LO4 Different environments that foster or hinders entrepreneurship..................................................16
P7 Effect of background and experience of entrepreneurship..............................................................16
Reference ..................................................................................................................................................19

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Task 1:
LO1: Explore and illustrate the range of venture types that might be considered entrepreneurial
P1: Carry out a mini research to examine various kinds of entrepreneurial ventures and explain
how they relate to the typology of entrepreneurship
Entrepreneurship is defined as the way of carrying out the business through which which
individual who is planning to start new or unique venture so that high profits could be earned.
Therefore, such an individual is termed as entrepreneur and the venture is termed as
entrepreneurial venture. Following are the different ventures within which entrepreneur could be
engaged in such as-
 Small business entrepreneurship- Such type of venture is termed as unique or
innovative entrepreneurial venture that influences individual towards firm. Therefore, it is
essential for person who is planning to start such a venture need to identify the market
competition because there are various similar businesses already existing in market. For
instance, it involves businesses such as grocery stores, barber shop, plumbers, travel
agency etc. All such people need to be highly skilled and thus involve innovative idea
and process within their business that would help them to earn high profit and influence
more number of people towards firm (Agarwal and Braguinsky, 2014). In UK carrying
out Small business venture is significant and thus government provides opportunity to
such people in terms of providing them funds so that business could be launched easily. It
also helps in encouraging the entrepreneurs so that stated goals could be attained. Main
typology involves is that it helps individual to earn high profits in regard to feed the
persons involved in family.
 Sealable start up entrepreneurship- Moreover, such type of entrepreneurial venture is
concerned with innovation and thus it results in attracting more number of investors who
focus upon pitching for their favourable business idea. Thus, it provides opportunity to
entrepreneur to get high investment and raise brand image of their venture in future.
However, the idea needs to be unique so that it could get more number of pitches to get

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launched. Such venture possesses the typology that they aim to provide innovation and
different innovative products or services so that clients could be attracted towards firm.
 Social entrepreneurship- Moreover, such entrepreneurial ventures helps in providing
social services to community so that their welfare could be done. Thus, such venture is
carried out for not attaining profit and while benefiting the society (Asoba and Tengeh,
2016). The typology that it is being categorized in the form that society could be served
effectively and efficiently.
 Serial entrepreneur- Such entrepreneurs are future oriented and always look forward to
start a new venture so that unique products or services could be provided to customers.
The typology is that they have innovative features for future development of the business.
 Female entrepreneur- While, such entrepreneur is focused upon expanding the business
in international market and thus they are different from male entrepreneurs because they
possess effective management skills (Bates, 2011).
 Lifestyle entrepreneur- Further, such entrepreneurs are focused upon future
development of firm and thus obtain risk handling capacity.
Wander is a making society that starts the need of collaborating among the new business-master
minded newcomers and future business visionaries. It is particularly vital that the need of the
financial change is a climbing point of view that wants to endeavor the movement in the division
of self-declared and making business bodies be it little scale or massive. The entrepreneurial
progress is an essential section of which depends on the target motivation for driving
neighborhood headway, exhibit day change, and time of business. It is to be viewed as that the
specialists as seeds of the movement of the firm and in this manner, alongside growing up
attested capitals, it gives an enormous open portal for the other standard subjects to get into work
that further outcome in the change of the economy of the nation. The per capita pay, the way of
life and pay get-together of the Association increments with the augmentation in the mechanical
progress of the country by the technique for the significant business change.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
An Entrepreneur is a person who begins and maintains a business with constrained assets and
arranging, assessing every one of the dangers and prizes of his or her business wander. The
business thought is normally another development, item or administration, as opposed to a
current plan of action.
Entrepreneurial ventures require the ambitious individual to organize capital, crude materials,
fabricating areas and gifted workers important to create a decent or offer an administration.
Advertising, deals and appropriation are other vital perspectives which are controlled by the
business visionary.
An industry visionary is a word that is gotten from the French dialect, a verb "enterprendre,"
signifies 'to embrace.' Enterprises are attempted by business people, and the procedure of
creation is named as the enterprise. The rationale of business visionaries is to discover something
new and imaginative submit to its type of business for serving better and producing higher
benefit potential outcomes alongside going out on limb elements.

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Figure 2: The four model of corporate entrepreneurship
(Source: Wolcott and Lippitz, 2007)
Entrepreneurial attempts are revolved around the organization's guiding for the mid-sort out and
early masterminded associations. Meandering expects to reveal out in danger zones and
entrepreneurial ventures like this, relates to the way that businesspeople chance their odds in the
open market and do fundamental needing to make their attempt survive and turn out effortlessly.
The essential inspiration driving reviewing the particular sorts of efforts help to conform and
recuperate arrangements of activity and change in the business targets. The lifestyle and structure
are the key components on which the company stand and consequently, the change of the general
business managers. The piece of the attempts vacillates with the period of the association and its
money related position.
Private company for the most part manage known and built up items and administrations,
Entrepreneurial Ventures are for new creative offerings
SBs go for constrained development and proceeded with gainfulness while EVs target fast
development and high profitability returns
Private companies manage known dangers; Entrepreneurial Ventures bring profound jump with
heaps of obscure dangers
Position.
EVs by and large effect economies and groups in a huge way, which likewise brings about a
falling impact on different parts like occupation creation. Independent companies are more
constrained in this viewpoint and stay bound to their own area and gathering.

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The latest couple of decades have been a growing and dynamic time for the change of the
business endeavor, and thus, in this manner, it is necessary to investigate the field of pertinent
reaches. Total brokenness is the term that venture guaranteed. Creation and headway are the soul
prospect of the business that develops the workplaces for the advancement of the economy and
change of the business segments and current division with the help of new advances and related
social affairs. Entrepreneurial methodology and activities offer climb to new market and level of
sectoral execution of contemplations that rouses the headway of the business meanders in
different structures and with different perspectives. There is the corporate undertaking that leads
the market and has different centrality. Organizing the sorts of agents, we can portray an
extensive variety of types of them like innovative business visionaries, reflecting industry
visionary, Fabian business visionaries, meander business visionaries and social business
visionaries.
P2: As part of your research investigation, explore the similarities and differences between
entrepreneurial ventures
The possibility of the market system and improvement of large businesses have progressed and
changed over the span of late decades and to highlight the refinements of the different
entrepreneurial attempts. The activities of entrepreneurial techniques are to meander activities
and progression for an establishment of the primary things and organizations. The qualifications
and comparable qualities of the entrepreneurial attempts can be communicated and researched
recollecting the assortments of the examinations and perspectives of the differing business
visionaries. The creative, entrepreneurial meander tries to develop new progressions for the
things and markets. These incorporates the outlining and furthermore finding new things to make
assets of creative instinct who creates and evaluates the market openings. Tolerating the perils is

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an essential bit of the hands of this original sets out to assess the likely outcomes of the system.
Research of materials matters in any movement and projection works that empower the
researcher, here the business visionaries to aggregate a not too bad learning of the market and
their needs. The social business visionaries are the most creative casing that progressions the
diverse informative, get ready and human resource fields into beneficial yield keeping in right
issues and headings. This structure not simply energizes the advancement of the economy game
plan of the country Moreover in prosperity, rights and condition change of the worker and
diverse individuals. This sort of large businesses managers the dejection alleviations really and
extend their objective to do change with the energy of business practices to beat the routine
drawbacks.
The upgraded culture of the human culture has any impact and conflicts in the thriving and
change of the societal managers. Regardless, the entrepreneurial section tries to keep with or
without these matters and focus on the modification of the business and hopes to convey each
one of the particles of society and progress. The advancement organization has extended the
obstacles of the gathered variety of requests that fuse structure of science, humanism, geography
and cerebrum research of the obliged joining of the field and its learning. The progression of the
commercialization and advancement does not have any impact on the collection of the attempts.
However, the closeness passes on a mutual goal for all and that makes an absolute assurance of
the force of this matter. The corporate activities of business fuse distinct periods of the decision
of essential organizing and presentation of the imaginativeness that uses frames, organizations,
things, and headway. There are four models of business as described by Wolcott and Lippitz
(2007). The undertaking is isolated by two estimations that are resource expert and different
leveled ownership.

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Following are the differences and similarities within the entrepreneurial ventures such as- Size and structure- It is assessed that size of small business is considered as crucial factor
because being a small business it is essential for firm to meet the needs of its customers.
As compared to large firm it is essential for SME to provide unique quality goods so that
more number of clients could be attracted. For instance, any entrepreneur planning to
start retail venture than they need to understand the concept adopted by Tesco and Asda
as they are big players within retail market. Thus, identifying their concept it helps SME
to adopt innovative idea so that success could be attained. Further, within sealable start
up venture the size and structure does not really matter because at initial start up its idea
to start the venture (Bruening, Strazza, Nocera, Peek-Asa and Casteel, 2015). Aims and objectives- There is another differences that lies within aims and objectives of
different entrepreneurial ventures. Thus, social entrepreneurship possess the opportunity
to make life better and thus improve the revenue of firm. On the other hand, sealable start
up venture helps in providing innovative ideas and thsu earn high profit an market share
within long term. Thus, it could be assessed that there are great similarities and
differences in terms of aims and objectives to provide high quality products and services
to customers (BURNS, 2011).
 Sources of finance- There is another difference in the form of obtaining finance within
different types of entrepreneurship. Therefore, it is essential for entrepreneurs to arrange
for funds so that business could be expanded in market. While comparing it with social
entrepreneurs they are focused upon welfare of society and do not earn profits. The main
similarity is that they need to posses unique concept so that desired results could be
attained.
Lifestyle ventures or businesses similarities Serial entrepreneurs ventures
similarities
Needs human resource management team to
recruit skilled employees
Needs human resource management team
to recruit skilled employees
Have innovative features for future
development of the business
Have innovative features for future
development of the business
Have risk capacities Have risk capacities
Differences Differences
Lifestyle entrepreneur’s focus more in the life Serial entrepreneurs focus on the ideas and

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rewards provided to people that enjoy and have
the passion for what they are doing.
strategy to start a new company and then
see it through and play an important role in
the regular functioning of the new
company.
Female entrepreneur businesses
similarities
Male entrepreneur businesses similarities
Females looks forward to expand their
business in the international market.
Females looks forward to expand their
business in the international market.
Turnover is less than hundred million but
more than fifty million
Turnover is less than hundred million but
more than fifty million
Differences Differences
The entrepreneurs are females The entrepreneurs are male
Encompass approximately 1/3rd of all
entrepreneurs internationally.
Male entrepreneurs are more than females
internationally.

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Task 2:
LO 2: Assess the impact of small businesses on the economy
P3: Assess and interpret relevant data and statistics in your mini-research, to illustrate how micro
and small businesses impact on the economy
It can be assessed that micro and small businesses possess huge impact upon economy
and thus it is essential for firm to contribute towards growth of nation. However, it helps firm to
improve the economic condition of country. Also, it is essential for business to obtain clear
vision so that desired objectives could be attained. Large organizations contribute high economy
so that set targets could be attained. Businesses are classified within micro, small and medium
sizes on the basis of its employment structure and capital owned by firm. Private businesses
possess effective nature of earning high profits while sole proprietorship obtains the nature of
having single owner and thus do not obtain any financial statement so that it could be evaluated
later (CARTER and JONES-EVANS, 2012). While, partnership business means that there are
different partners working towards earning profit. Each and every partner possess equal right and
responsibility so that both profit and loss could be distributed equally. Due to decline of UK
economy it affects SME and thus it is the main reason due to which operations of firm got
affected. Following are the different impacts of SME upon economy such as-
 Contributing through employment- It is one of the main strength of SME that it helps
in employing more number of workers. Thus, various people got employment due to
small businesses operating in the country. While, big organisation provide more number
of employment as compared to SME because there only 250 employees could be
employed (Catanzaro, Messeghem and Sammut, 2015). While, there is no such limit in
large businesses. On the other hand, micro organizations are those businesses that provide
employment to people more than that of SME but less than large size firms. However,
such employment rate proves to have significant impact upon the economy in the form of
GDP of country. For instance, in the year 2014 UK was having approximately 5.2 million
SME.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
 Economic impact- It assesses that SME plays a significant impact upon business as it is
essential for firm to improve the economic growth of nation. However, in order to bring
innovation within the country it is essential for firm to help in growing the economy so
that they could easily compete with other businesses. Further, such firms prove to be
highly effective because it helps in providing employment to number of people
possessing innovative and creative ideas. Similarly, large businesses also impacts the
economy of country in the form that it provides large number of employment and thus
helps in growing the UK economy faster. For instance, recession in 2008, SME helps in
overcoming the recession from the country and thus provide growth and development in
the country (DOWN, 2010).
 Flexibility with changing scenario- It could be assessed that economic stability of UK is
been fluctuating with the change in environment and thus bring rapid changes in the
businesses so that desired results could be attained. Here, it could be assessed that
differences is being identified within micro, small and large businesses. As SME are
those that changes with the alteration taking place in the environment as well as with the
change in needs and wants of customers (GRIFFITHS and WALL, 2011). While, large
business it is not possible because of high investment required within firm. Thus, at the
time of recession, SME obtains the capability to make high profits and remain stable
within economy.
 Revenue of sector- Through reviewing the UK economy it helps in identifying that SME
helps in generating 46% of revenue that shows that such firms are playing crucial role in
order to enhance the economy of UK. While, large firms face issues because they require
huge investment and thus it affects their working.
Free organizations have a higher plausibility of dissatisfaction than the large business. People get
perplexed given this failure. Nevertheless, some independent organizations survive and grow as
well. That is the reason the little ventures are known as the improvement driver of an economy of
a country. In the making countries, independent organization managers are referred to as the
most flourishing business (The E-myth Revisited, 2014). It does work, rouses people in new

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groups, and makes pay. Autonomous organization attempts have affected the small-scale
economy of many producing countries by offering reassurance to social and political quality.
Privately owned business managers are one of the core strategies for money related advancement
of a nation. Autonomous wander managers have a higher plausibility of duty towards a GDP,
diminishment in dejection, etc.
Planning: The central part of the system is planning the set of tasks that are to be performed by
the employees including the time scheduling for executing their performance to achieve the
goals.
Organizing: The step post to the planning comes organizing by the leaders and the managers to
assign the jobs to the employees. This action is considered to be the second most important part
of management. A good sense of organizing and proper allocation of tasks help the company to
achieve their goals.
Influence: Influencing is the essential part of management that is associated with creating
mental support and balance for the employees and motivates them to work. A good leader
motivates their employees to bring yield in the ultimate productivity of the company that is
increased.
Control: The managers and leaders monitor the performance of the employees and tally them
with their previous working styles to bring out their performance graph and influence them to
work more.
Privately owned business is known as the self-ruling, self-worked managers. It is not
overpowering as the large ones (Tsuruta, 2016). Autonomous managers meet special gages of
size as for yearly receipts and laborers. Private wander is managed by proprietors or part-

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proprietors personalized. According to some present surveys, there is a nonattendance of formed
verification as for quantifiable duties gave by free wander managers. Autonomous managers are
incorporated into all kind of business zones (Impact of understanding bundling on private
wander concerns, 2009). The accomplishment of an independent wander depends on upon the
earth in which they work. Some outside and internal factors impact the achievement of a free
organization and its impact on the economy. Inside components are those which are controlled
and thought to be picked inside the affiliation. For instance, Lack of talented work, inefficient
organization angles, particular issues, et cetera. Despite the fact that the outside factors are those
which are related to the small scale economy, for instance, political, social, budgetary, natural,
precise and legal (Murthy and Paul, 2016). These are the outer parts as they can't be controlled.
These factors choose the execution of a privately owned business tries (Murthy and Paul, 2016).
In the earlier years, in the region of 1980's and 1990's, there was two or three free wander tries in
Tanzania which was making due to nonattendance of capital, present day advancement and
skilled work (Sihler, Crawford and Davis, 2014). Nowadays, the execution of the privately
owned business has extended on account of better credit workplaces, get ready and distinctive
open entryways. These managers now drive the advancement of the economy of Tanzania. On
the other hand, 87% of the associations in Nigeria fills in as little attempts. These uses around
half of the working force contributing up to half to its present day yield. The economy in the
non-oil some portion of Nigeria has created by 9% from 2003 to 2009 close by tip top in
gathering, agribusiness, media transmission and solid minerals regions (Bruening et al., 2015).

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P4: Explain how important small businesses and business start –ups will contribute to the growth
of the social economy after ‘Brexit.'
BREXIT is stated as the term that makes UK out from EU. Thus, it influences business as
well as economy of country. Also, it could be assessed that BREXIT pose difficulty for SME to
carry out its operations in market. Main issue of BREXIT to firms is that it becomes quite
difficult to trade with other countries as EU permits the trade across nations through complying
with certain rules and regulations. The main differences between SME and start up's is that small
businesses are already established but just working upon a small scale. While start up venture has
been recently started in economy and therefore it needs time to establish its operations so that
growth could be attained within economy (Murthy and Paul, 2016). BREXIT helps in improving
the economy of country and thus helps in reducing poverty, wealth distribution, employment and
social amenities. Also, through such form it helps in providing more revenue to government,
taxes, foreign exchange so that business could be more profitable in terms of improving the
performance of firm in market. It also accelerates the UK economy so that growth could be
achieved. However, it could be assessed that half of the UK economy is being dependent upon
the SME and thus it is being profitable for firm so that they could provide employment
opportunities to individuals. While, start up business and SME possess great differences in terms
of social development.
At the beginning of 2016, it was to be assumed that "Brexit" would impact UK's medium-term
fiscal prospects. Regardless, more than 8% trusted Britain's economy would be benefitted after
"Brexit" (Asoba and Tengeh, 2016). According to a couple of pros, private managers ought to be
more gainful. Most of the greatest relationship of the world started their experience as
autonomous managers with a few yearnings. They made due with the help of a stable economy,
access to the capital and right people. Regardless, as demonstrated by the diagrams, it is a little
rate of firms who survived and experienced this kind of advancement. The national monetary
interest helped those new organizations to vanquish the troubles. The consequences of poor cash
related and business direction can explain for privately owned businesses. Cash is the best

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approach to advancement for autonomous. It is extremely vital for their flourishing (Sihler,
Crawford and Davis, 2014).
The business venture is on the extension by starting late. Regardless, there are a couple of
burdens moreover. Free wander managers require a particular level of market data. At present,
various countries on the planet are experiencing headway. This process is possible due to the
duties made by nearly nothing and medium managers. Autonomous organizations can make
money related and social advancement. Free ventures are thought to be the most necessary area
of the governing body together with microfinance foundations. In the globalized period, privately
owned businesses have a higher shot of advancement, as it will incorporate neighborhood
suppliers and wholesalers. It backings and lifts new interests (Asoba and Tengeh, 2016). The
constraints ought to be restricted. Managing a free wander is not the same as managing the
greater ones. Organization of an autonomous wander managers depends on the open resource.
Privately owned business managers are far to go if they are in the right condition.
Task 3
LO 3 Determine and assess the key aspects of an entrepreneurial mind-set
P5 Characteristics, traits, and skills of two successful entrepreneurs
It involves different skills and characteristics possess by the entrepreneurs which are
different from other persons. Similarly, there are various entrepreneurs who possess innovative
ideas and thus it helps them to improve their thinking capacity so that operations of firm could be
improved. The two successful entrepreneurs adopted are Mark Zuckerberg and Steve Jobs. Both
of them are skilled and possess effective characteristics so that they are different from ordinary
managers. Also, they possess effective traits and skills as aspects of dynamics and mechanics of
business (Nambisan, 2016). Following are the different skills and traits possess by entrepreneurs
such as-

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Characteristics and traits
 Plan everything- Such skill is being obtained by Zuckerberg and Jobs so that they could
efficiently plan each and every step and make the business profitable. Also, such leaders
possess effective leadership ability in regard to lead such big brands and make the
globally famous. While, as compared to ordinary business managers they do not possess
such leadership skills as they are not able to plan the activities in regard to accomplish the
task accordingly. Hence, it could be assessed that entrepreneurs and ordinary managers
are different from each other (Rajagopal, 2014).
 Developing competitive edge- Such characteristic helps individual to obtain unique and
innovative ideas and thus it helps entrepreneur to stay different from other business
ventures. While, ordinary managers do not possess competitive edge as compared to
Zuckerberg and Jobs because their vision is future oriented and thus they accomplish the
assign task in regard to achieve desired results.
Skills
 Risk taking- Zuckerberg and Jobs possess effective skills of risk taking and thus it helps
them to obtain desired results in an effective and efficient manner. However, such
entrepreneurs do not attain success, if they are not able to take risk. While, ordinary
managers, do not obtain risk taking capacity and thus they focus upon moving safer side
to attain set targets (Sihler, Crawford and Davis, 2014).
Entrepreneurs are responsible for the risks that they are taking, and self-motivation which helps
to resolve all the crisis issues of business. Entrepreneurs play a significant role in economic and
technical development. Generally, entrepreneurship starts with an action, which concerns the
foundation of business. It also affects business performance. Quantitative development is
characterized by the size of the business. These are related to the quantitative ones to accomplish
business goals (Rajagopal, 2014). Some experts have defined entrepreneurship as a professional
and systematic activity. There are two sub-concepts of entrepreneurship such as value creation
that is aimed at the results of entrepreneurship and innovation, uniqueness and growth which is

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focused on the characteristics of entrepreneurship. Uncertainty, risk, creative opportunism and
complementary managerial capability should not be ignored in entrepreneurship. The
entrepreneur should act as a leader, which cause creative destruction. An entrepreneur should be
able to undertake any risky investment. According to some experts, the characteristics of an
entrepreneur are: able to make independent decisions, be autonomous, to have a quick changing
and insecure environment, success oriented, being a good organizer and manager, being
persistent, knowledgeable, easy acceptance power of new information (Nambisan, 2016). A good
entrepreneur should have some collective behaviours such as accumulation of resources,
production of goods, identifying the business opportunities, setting up a business, promoting the
products and services, responding to the environment as well as society and government.
As an example, Mark Zuckerberg is a famous entrepreneur, who takes a salary of only one
dollar. He is one of the renounced computer programmer along with internet expert in the world
and also has a part in Facebook, which is a most active social networking site. Having an
unbelievable vision, Zuckerberg can grow a business into an amazing level. He is also a good
leader who recruits the best employees to achieve the business goals. Zuckerberg became the
chief executive as well as chairman of Facebook in April 2013. Zuckerberg motivates his sub-
ordinates by rewarding them within the organization. His vision was clear with a persuasive style
of management. These qualities helped Zuckerberg to take higher risks in his entrepreneurial life
and to create a different level of his business. Another example would be Steve Jobs who is the
founder and CEO of Apple Inc. This American entrepreneur was widely recognized as a
charismatic and design-driven pioneer of the personal computer revolution. Jobs was also a good
leader. His leadership and management principles were based on the needs of behaving with
people with great respect. His delegates are also responsible for the daily operations of the

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organization. Jobs had always been treated his employees as significant team players. He had an
effective management power which helped him to take crucial decisions for his business. Steve
Jobs was a very ambitious person with biggest ideas. Unfortunately, he passed away in 2011, but
his footsteps are following by his employees as well as the organization. Now Apple has become
the most popular brand in the world of technology.
Comparing Mark Zuckerberg with Steve Jobs both is having few distinctive qualities between
them. Their leadership and vision were very clear. Both of them have motivated their employees
by rewarding them and satisfying their needs. Both Zuckerberg and Jobs have recruited best
people to get succeed in the world of business. Mark Zuckerberg is very passionate about his
goals and ambitious too. Steve Jobs had qualities like constancy, patience, creativity and
practicality. Zuckerberg and Jobs are excellent in taking risks and in accomplishing their goal.
They have always been analyzed the feedback they got, and both of them learned from their
mistakes to become the most successful entrepreneurs.
P6 Aspects of the entrepreneurial personality, reflect entrepreneurial motivation and mindset
Personality is considered as crucial aspect among entrepreneurs and thus it is totally
different from skills and characteristics. Personality of individual is being characterised on the
basis of lifestyle, culture and upbringing so that it helps in encouraging individual to develop
positive mindset towards set objectives (Stokes, Wilson and Mador, 2010). Entrepreneurship
needs to obtain effective personality so that they could influence others towards business and
attain set targets. Following are the different dimension of OCEAN acronym such as-
 Openness- It involves culture, originality and thus involve different experience among
individuals.
 Consolidation- It aims to achieve and develop a tendency so that aim for attainment
could be done.

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 Extroversion- It involves energy positive emotions so that desired results could be
attained.
 Accommodation- Further, it involves the tendency to be compassionate rather such
suspicious (Tsuruta, 2016).
 Neuroticism- It helps in developing experience and overcome unpleasant emotions
easily.
A business person with a high inner locus of control trusts they can get things going in their
association. Each firm has a market-arranged hierarchical culture whose business person has a
high inside locus of control. It will be more tuned with their inventive and development thoughts.
There is a positive connection between inward locus of control and enterprise conduct.
According to some recent studies, what happens within an organization depends upon the
behavior and controllable by an entrepreneur’s actions. Personality characteristics seen in
entrepreneurs are the high need for achievement. On personality, I took several entrepreneurial
tests. Nature is very important to the success of the entrepreneur. Most successful entrepreneurs
are observed to have the personal inner drive that sustains their innovations and pursuit of
achievement as well. Due to a good and efficient personality, an entrepreneur can be competitive
without any fear. Most of them strongly believe in themselves and confidence in their personal
capacity to bring change. A person will be prone to competition if he is in business.
Entrepreneurs are open for criticism and advice. Entrepreneurs learn from those criticisms and
accomplish the needed changes to bring success in their business (Agarwal and Braguinsky,
2014). Communication is also very important for a business to run successfully. If an
entrepreneur is good in communication, then he can handle his consumers as well as his
stakeholders and other business counterparts. Another aspect of entrepreneurial personality is to
have the ability to take risks at some stages. This quality of an entrepreneur determines how they

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would handle challenges. Marketing is an essential aspect of entrepreneurial personality. As
marketing is crucial for any business, hence an entrepreneur should be aware of all the recent
marketing trends and strategies (Stokes, Wilson and Mador, 2010). Leadership test was also
taken to prove the leadership potential of an entrepreneur, as it is another tool of entrepreneurial
personality aspects. An entrepreneur should be a good leader to achieve success in the business.
The reflection of the business was very significant to me as an entrepreneur. Through this
assignment, I could be able to go through the details of business. It was possible for me to unfold
the hidden challenges and recognize the way to meet those challenges. This also helped me to
understand the theoretical and practical implementation of the concerns of business. I also got to
figure out my strengths and weaknesses through this assignment. As the strengths and
weaknesses have been recognized, it would be easy to make the right decision to overcome the
challenges of the business. Entrepreneurship is also vital for word economy. Major problems can
be solved with the help of creative thoughts and innovativeness of an entrepreneur. I discovered
myself about entrepreneurship. It will help me to accomplish the business ideas.
Task 4
LO4 Different environments that foster or hinders entrepreneurship
P7 Effect of background and experience of entrepreneurship
It could be assessed that rewards and drawbacks of entrepreneurship are crucial as skills
and capabilities are rewards while drawbacks are lack capabilities to compete with other
businesses. Further, there are different factors such as education, family and experience that
helps in fostering entrepreneurship so that desired results could be attained. For instance,
entrepreneurs past background and education history impacts upon its entrepreneurship.
Therefore, Zuckerberg possess effective past background that shows that his skills and
capabilities are effective in order to foster entrepreneurship so that business could be started in

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
an effective and efficient way. Also, Steve Jobs possess effective risk taking experience that
helps them to foster entrepreneurship venture and thus enhance the business opportunities in
market (Catanzaro, Messeghem and Sammut, 2015).
In context to Zuckerberg, co-founder of Facebook is an American computer programmer
and Internet entrepreneur. The various factors that either hinder or foster his entrepreneurship are
listed below:
 Education- Mark Zuckerberg did his primary schooling from Phillips Exeter Academy,
New Hampshire where he won lots of prizes in maths, astronomy and physics that
encouraged him. He started writing software in his early days, he began coding in middle
school only and this things fostered him towards his goal. The early start made him
perfect in programming field. Also, his father arranged a private tutor for him to taught
him software developing. Later, he did his graduation from Mercy College. After that he
entered Harvard for his further graduation where he was already knows as 'programming
prodigy'. He created Facemash there , Facemash was used to select good-looking person
from number of photos of students. But, many students claimed it is to illegal and said he
is using their pictures which is illegal. Consequent to this, he was suspended from.
Harvard, which turned out to be an obstacle in his path of entrepreneurship.
 Family- Mark Zuckerberg's father is a dentist and his mother is a psychiatrist. He has
three sisters and belongs to the Jewish community. His family always supported him in
his programming interest. His father taught him Atari BASIC programming at his early
age and also arranged a private tutor to teach him programming. Later, he married to
Priscilla Chan who was with him during his graduation. She too always motivated him
and support him during his entire journey.
 Experience- Zuckerberg started his programming from early days. He was engaged with
coding, software developing etc. from the time of his Phillips Exeter. He launched
Facebook in 2004 which was initiated in 2002.
The business environment is responsible for the operations of business. Business environment
can be healthy or unhealthy. If all the conditions are favourable for the growth of business, then
it can be considered as a healthy environment. Unfavourable conditions for a business operation

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are known as an unhealthy environment. Business and Environment interact with each other. The
success of an enterprise depends upon the economic system of that region. An organization has
to manage to the conditions in the industries. No organization can ignore the situation around it.
Hence entrepreneurs should know the different aspects of the environment they are working in.
Several attempts should be made to influence the environment to make it favorable to
entrepreneurial activities. A successful entrepreneur is that who adjusts to the environment as
well as modifies the environment to work comfortably (Special Issue ofJournal of Social
Entrepreneurship, 2012).
There are some key aspects of a business environment. The aspects are; legal, economic,
political and sociocultural. Aspects of an environment.
Economic environment:
This is one of the most important aspects of the business environment as this section deals with
the financial structures of a country, trade, agricultural and transport segments. This setup
discusses the growth of economic structure of a country and also describe the condition in which
a business is going to start their business. With the help of such understanding, the company can
determine the payment structure for the employees and their working structure.
The business and the growth of the company depends on the economic structure and the growth
of a certain country. However, the better economic standard leads a company to determine how
the company can run their business in a certain state and the payment that they will provide to
their employees within the organization.
According to many types of research, it is visible that the privately owned companies are
depending on the goals of gaining profits and improving the economic state of the company.

ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT
However, on the other hand, the society owned companies are always focused on the community
benefits when the corporation will benefit the society. In this way, the economic structure of a
country or state always differentiate the business organizations by their activities.
Legal environment:
Every region has a particular legal structure. Efficient managerial performance must follow the
necessary laws. Management should try to understand what should be the right law and how they
can be obeyed. The government should also make some changes in their structure of law to make
the environment business ready. There are different business laws in all the countries. This
includes foreign collaboration, industrial disputes, and social security benefits, etc.
Political Environment:
The political structure of a region cannot be ignored. Managers and entrepreneurs should
understand the political culture of the region they are working in. Public opinion is also crucial
for a business to run successfully (Bates, 2011). Entrepreneurs should take public opinion during
the operations of their business.
A complex and varying combination of financial, institutional, cultural and personality factors
determines the nature and degree of entrepreneurial activity at any time. The personal
backgrounds of the entrepreneurs are determined mainly by the environment in which they are
determined largely by the environment in which they are born and brought up and work. The
interaction between an entrepreneur and his environment is an active process.
Finally to conclude this assignment was all about the entrepreneurs who created a new record
around them. Each entrepreneur has their unique characteristic that helped them to make a
successful entrepreneurial career in their whole career. It also explains their life history and

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management style. An individual should have the qualities like leadership, motivation, risk-
taking, self-confident and goal oriented. The qualities of great entrepreneurs have mentioned on
this assignment. I hope it can help the readers to understand the details of entrepreneurship.
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